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Several Saudi-based private investors and family offices have come together to launch Waad Investment, a newly formed firm that will support growth-stage startups through its targeted funding value of 750 million riyals ($200 million).
The alliance is led by Saudi-based investor Yaser AlGhamdi, the founder and Chief Investment Operations Officer of Waad Investment, in collaboration with the AlMajed and AlMisfer family offices, also based in the kingdom.
Nasser Almajid is the CEO of Almajdiah Group, a venture capital firm based in Riyadh, while founding partner Fahad Almesfir is also CEO of Saudi Real Estate Infrastructure Company (BINYAH).
“The company will bridge the financial gap many startups face and will offer comprehensive support that includes financial investment, mentorship, and guidance,” said AlGhamdi, while emphasising the importance of collaborating between public and private sectors to achieve comprehensive development.
(Writing by Bindu Rai, editing by Seban Scaria)